MUNICH--(BUSINESS WIRE)--Following a year where more than 70 nations – home to nearly half the world’s people – have been called to the polls, Allianz today announced a multidisciplinary program, “Power of Unity,” to counter the erosion of trust in societal institutions and strengthen confidence in a better economic future.
The program is founded not only on publicly observable trends, but also on Allianz’s insights. Allianz Research’s fourth “Social Resilience Index 2024” cites that polarization and social unrest have increased in many countries, and with a sizable economic cost. The strength of democratic institutions, social cohesion, and trust in functioning markets and economies are being affected by increased partisanship.
Further, in an Allianz proprietary survey conducted across six of its core markets, 69% of Allianz’s customers, investors, and its other stakeholders expressed a lack of confidence in the ability of political leadership to work together to solve problems.
“A more united world is a more prosperous world. Polarization slows economic growth and threatens our customers’ sense of security and optimism,” said Oliver Bäte, Chief Executive Officer of Allianz SE. “To secure their future, Allianz will combine forces with willing partners for action, demonstrating that leaders can work successfully together to solve the problems that matter most to people.”
Allianz is launching the “Power of Unity” program to help individuals and organizations to engage more constructively in the face of growing polarization worldwide. Through research, thought leadership, and learning programs and events, the program seeks to promote dialogue and respectful debate, bridge divides by encouraging understanding, and restore trust in societal institutions.
RESEARCH: The “Power of Unity” program leads with research: The Allianz Social Resilience Index 2024 identifies underlying strengths, weaknesses and perceptions in the political, institutional and social frameworks of 184 countries worldwide and serves to quantify the impact of various socio-economic factors on societies, from the immediate costs of social unrest to how it stifles global growth and consumer confidence.
The 2024 super electoral year has revealed fragilities in many countries: all incumbent parties in developed countries lost vote share (a first since World War II), and the ideological center of gravity has shifted to the right in 16 European countries and the United States.
Polarization has increased in many countries and comes with a sizable economic cost. Political affiliation plays an important role in consumer behavior as observed in past events of heightened political uncertainty across democracies. A -10% and -20% one-period consumer confidence shock would decrease consumption in the United States by USD105bn (USD304 per capita) and USD215bn (USD622 per capita) over the next four years. In Europe, the same shocks would decrease consumption by USD52bn (USD147 per capita) and USD103bn (USD296 per capita), the effect being more subdued as consumer confidence still has not fully bounced back from the effects of the pandemic and geopolitical tensions. A summary of the research and the full report are available here.
SKILLS: The goals of the “Power of Unity” program are to inform, inspire, and involve all Allianz stakeholders – citizens, organizations, customers, shareholders, agents and employees – by providing education, skills, tools, events and initiatives that bridge divides and bring people together. This includes guidance on how to identify and act on fake news, defuse tension through respectful listening and constructive debate, or maintain confidence in the face of uncertainty.
PERSPECTIVES: On Allianz’s website thought leaders from business, politics, science and society share their perspective on polarization and how to overcome it, including contributions from former German vice-chancellor Sigmar Gabriel, Holocaust survivor Margot Friedländer, footballer Harry Kane and more to follow.
PEOPLE: “Power of Unity” is anchored in Allianz’s 157,000 employees around the world who mirror their communities and society at large. The program launched in Germany with a week dedicated to learning and open exchange, including listening sessions and interactive workshops on history and democracy.
Small group dialogues with employees led by Allianz SE Board Member Renate Wagner and Vice Chair of the Allianz SE Supervisory Board Gabriele Burkhardt-Berg laid the foundation for understanding the fears that lie at the root of polarization, and the hopes that serve as the cause for unity.
COMMUNITY: The “Power of Unity” program builds on and extends many of the existing multi-year social and community initiatives which Allianz drives and supports in local markets, which focus on skill-building (JOBLINGE, Cyber Talent Academy), encourage sports and movement for better health and as a societal unifier (Allianz | Olympic and Paralympic Movements) or help build personal or community resilience (La Fondazione; Humanity Insured). All Allianz initiatives are listed here.
Allianz continues to support a range of multi-lateral efforts to combat polarization and promote understanding like “Never again” is now!, “Zusammenland”, or “WE STAND FOR VALUES” or the Transatlantic Relations | AJC.
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About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 764 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.8 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers.
**As of September 30, 2024
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